Digital world has produced efficiencies, new innovative products, and close customer relationships globally by the effective use of mobile, IoT (Internet of Things), social media, analytics and cloud technology to generate models for better decisions. Blockchain is recently introduced and revolutionizing the digital world bringing a new perspective to security, resiliency and efficiency of systems. While initially popularized by Bitcoin, Blockchain is much more than a foundation for crypto currency.
It offers a secure way to exchange any kind of good, service, or transaction. Industrial growth increasingly depends on trusted partnerships; but increasing regulation, cybercrime and fraud are inhibiting expansion. To address these challenges, Blockchain will enable more agile value chains, faster product innovations, closer customer relationships, and quicker integration with the IoT and cloud technology.
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a merkle tree root hash).
By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus
of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.
The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where document timestamps could not be tampered with. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.
The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hash cash-like method to add blocks to the chain without requiring them to be signed by a trusted party. The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network. In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB (gigabytes). In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB.
An individual in the Blockchain network requests for a transaction. This request for the transaction is then displayed to the other members(i.e.- Nodes).The network of Nodes by verified algorithms then approves the transaction. After the approval of the request by the nodes, they complete the transaction Immediately after the transaction, a new block is added to Blockchain network which is immutable. That verified transaction adds with other transaction making a new block of data.
• Speed of transaction increases.
• Blockchain Technology is beneficial in cutting the cost and overcoming the complexity.
• It reduces data duplication.
• Distribution nature of Blockchain, there is no chances of failure.
a. Payments and Money Transfers
With the use of the Blockchain Technology, you will be able to make money transfer directly and safely to anyone you want and that too at a very low rate, this is because of the fact that there are no intermediaries slowing down the process of transfer between the bank.
b. Digital Identity
Blockchain technology tracks and manages the digital identities of the users which provide them both secure and efficient identity.
• Process Integrity
• Faster processing
• Power Use
• Uncertain regulatory status
While blockchain’s best-known, most used and highest-impact application is Bitcoin, the potential impact of the technology is much greater and wider than virtual currencies. Indeed, since other applications can ‘piggyback’ the Bitcoin blockchain, the biggest impacts of Bitcoin may be found outside the currency domain.
Transactions of any kind are usually faster and cheaper for the user when completed via a blockchain, and they also benefit from the protocol’s security.
https://www.researchgate.net/publication/274081770 Blockchain Technologies
https://www.omicsonline.org/scholarly/Blockchain Technology -journals-articles-ppts-list.php